Silver remained under selling pressure and lost Rs 200.
On gold buying occasions such as Akshaya Tritiya, Chiraj Mehta points out, investors are often confronted with the question: Should I make just a token purchase, or should I buy more towards building my allocation in the yellow metal?
Silver also dropped for the fifth straight day and declined further by Rs 375 to Rs 39,250 per kg on reduced offtake by industrial units and coin makers.
Silver also fell further by Rs 150 to Rs 34,200 per kg.
Extending gains for the fifth straight session, gold prices on Thursday rose by Rs 30 to Rs 26,830 per 10 grams in the national capital on increased buying by stockists and investors on the back of rising demand amid a firming global trend.
Traders said slackened demand from jewellers and retailers and absence of cues from the global markets as US market are closed today on account of 'Labor Day', kept pressure on gold prices.
Gold prices plunged and closed below the psychologically-significant Rs 29,000 per 10 grams mark at the local bullion market on Monday on consistent selling by stockists and speculators despite firm global sentiment.
Continuing its losing streak for the third day, gold prices drifted by Rs 155 to settle at Rs 28,175 per ten gram in the national capital today on sustained selling by stockists, tracking a weakening global trend.
Marketmen said revival of buying by stockists and local parties at existing lower levels amid a firm global trend where gold climbed to four-month high ahead of US payrolls data mainly influenced the sentiment.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 35 each to Rs 28,330 and Rs 28,130 per 10 grams, respectively. Sovereigns also fell by Rs 100 to Rs 24,300 per piece of eight grams.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
Gold edged higher by 0.19 per cent to $1,225.80 an ounce
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
Silver, however, found some buying support.
Silver followed suit, which traded lower by Rs 260 to Rs 38,540 per kg.
In Singapore, gold fell by 0.17 per cent to $1,253.80 an ounce.
In domestic market, gold prices had peaked to Rs 39,011 per 10 grams in September and are now ruling at Rs 38,800 per 10 gram.
The gold market has remained under pressure.
Traders said increased selling by stockists, tracking a weak trend overseas as investors awaited US employment data that may show the economy is strengthening, mainly dampened the sentiment.
Gold in global markets, which normally sets a price trend on the domestic front, gained 0.4 per cent to $1,625.20 an ounce.
Gold in London, which normally sets price trend on the domestic front, fell 0.6 per cent to $1,311.65 an ounce.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
Traders said increased buying by stockists and retailers mainly kept gold prices remain higher for the third day.
Traders said the fall in gold prices was mostly in line with a weak trend in the global markets as signs of easing tensions in Ukraine curbed demand for the precious metal as a haven.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
Traders said fall in demand due to ongoing 'Sharads', an inauspicious fortnight in Hindu mythology for making fresh purchases mainly pulled down the precious metals.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
However, silver held steady at Rs 42,600 per kg on scattered enquiries from industrial units.
Silver met with resistance at prevailing levels.
Traders said appreciating rupee against the American currency made imports of dollar denominated precious metal cheaper, which mainly kept pressure on bullion prices.
Jewelers also want import duty on gold to be reduced from the current 10 per cent to at least 5 per cent.
In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 29,915 and Rs 29,765 per ten gram, while silver enquired at Rs 45,450 per kg.
Traders said stockists selling against sluggish demand mainly led to decline in gold prices.
Globally, gold in New York, which normally determines price trend on the domestic front, fell 1.18 per cent to $1,198.50 an ounce in Tuesday's trade as strengthening dollar curbed demand for the precious metal.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
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Returns on godl have depleted in past few years,
Traders said slackness in demand from retailers and jewellers at current levels mainly led to decline in gold prices.
However, silver remained under selling pressure for the sixth straight session and shed Rs 30 to Rs 43,470 per kg.
